Big Tech Giants’ Profits Soar Amidst Waves of Mass Layoffs | Firstpost Tech & Trade

13-05-2024

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Big Tech Giants’ Profits Soar Amidst Waves of Mass Layoffs | Firstpost Tech & Trade

Over the past weeks, headlines have been dominated by the staggering earnings of tech giants: Microsoft, Apple, Alphabet, Amazon, and Meta. Billions upon billions flood their balance sheets, a testament to their dominance in the market. In the first quarter of this year, Microsoft's profit climbed by 20% to nearly $22 billion. At the same time, Alphabet’s profits reached around $23.7 billion. Meanwhile, Amazon saw over 200 percent growth in its quarterly profits. Meta’s profit also more than doubled during this period. Yet, amidst this wealth, the tech industry grapples with mass layoffs. Despite record-breaking profits, these companies have shed thousands of jobs. Analysts attribute these layoffs to cost-cutting measures and a shift towards artificial intelligence, the new frontier in tech.

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